Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1887-12-09
The Financial Condition and Policy
of the Country Also Receive
Much Attention.
A Message Replete With Sentiments
Which Will Prove Popular
With the People.
Lamar Appointed Supreme Judge,
Villas Succeeds Lamar, and
Dickinson, Villas.

WASHINGTON, Dec. 6.-The following
message was read in the senate and house
of representatives to-day:
To the Congress of the United States:
You are confronted at the threshold Of
your legislative duties with condition Of
the national finances which imperatively
demands immediate and careful consider
alton. The amount of money annually ex-
acted through the operation of present
laws from the industries and necessities of
the people largely exceeds the sum neces-
sary to meet the expenses OF the govern
ment. When we consider that the theory
Of our institutions guarantees to every cit
lzen the full enjoyment of all the fruits of
his industry and enterprise, with only such
deduction as may be his share towards the
careful and economical maintenance of the
that the exactiOn of more than this is inde-
fensible extOrtion and a culpable betrayal
Of American fairness and justice. This
wrong inflicted upon those who bear the
burden of national taxation, like other
wrongs, multiplies brood of evil conse-
quences. The public treasury, which
should only exist as a conduit conveying
the peoples tribute to it's legitimate OBJ
jects of expenditure, becomes a boarding
place for money needlescly withdrawn
from trade and the peoples use, thus Grip
pling our national energies, suspending
our country's development, preventing in
vestment in productive enterprise, threat
ening financial disturbance and
INVITING SCHEMES OF PUBLIC PLUMBER.
This condition of our treasury is
not altogether new, and it has
more than once of late been submitted
to the peoples representatives in congress,
who alone can apply a remedy, and yet
the situation still continues, with aggra-
waited incidents, more than ever presaging
financial convulsion and widespread dis.
aster. 1t will not do to neglect this situa-
ton, because its dangers are not now pal
pably imminent and apparent. They exist
none the less certainly and await the un-
fOreseen and unexpected occasion when
suddenly they will be precipitated upon us.
On the SOth day of June, 1885, the excess of
revenues over public expenditures after
the sinking fund act was $17,S59, 1854
during the year ended June 80, 1885, such
excess amounted to $49, ,405 ,545.20, and dur
ing the year ended June 80, 1887, it reached
the sum of $50, ,567 ,849.54. The annual con-
tributions to the sinking fund during the
the aggregate to $138.058 ,S2O94, and de-
Quoted from the surplus as stated, were
made by calling in for that purpose out
standing 8 per cent. bonds of the govern
ment. During the six months prior to June
30, 1887. the surplus revenue had grown so
large by repeated accumulations that it was
feared the withdrawal of this great sum of
the business of the country that the sum
of $79,864 100 of such surplus was
applied to the payment Of the
principal and interest of the 8
per cent. bonds still outstanding and which
were then payable at the option of the
government
THE PREcARIoUs CONDITION OF THE FL
NANCIAL AFFAIRS
among the people still needing
relief, Immediately after the S0th
day of June, 1887, the remainder of the 8
per cent. bonds then outstanding, amount
ing with principal and interest to the sum
of $18,877 500. were called in and applied to
the sinking fund contribution for the cur
rent fiscal year. Notwithstanding these
operations of the treasury department,
representations of distress in business cir
cles not only continued, but increased, and
absolute peril seemed at hand. In these
circumstances the contribution to the sink
ing fund for the current fiscal year was at
once completed by the expenditure of S27,
684, ,28S55 in the purchase of government
bonds not yet due bearing and ~ per
cent. interest, the premium paid thereon
averaging "a per cent. for the former and
per cent. for the latter. In addition to the
interest accruing during the current year
upon the outstanding bonded indebted
ness the government was to some ex-
tent anticipated, and banks selected as de-
positories of public money were per-
mitted to somewhat increase their depos-
its. While the expedients thus employed
to release the people, the money lying idle
in the treasury seemed to avert the dan
ger. Our surplus revenues have continued
to accumulate, the excess for
the present year amounting on
the 1st day of December $55,258, ,7O1.19
and estimated to reach the sum of S11S,-
100000. On the 30th of june next 1t is eX-
pected that this sum, added to present &C
cumulati0ns, will swell the surplus in the
treasury to $l40,O00.000. There seems to
be no assurance that with such with.
drawal from the use Of the peoples circu-